After much deliberation, the Cazenovia College Board of Trustees has determined that due to financial concerns, the college will not be enrolling students for the 2023-2024 academic year.
The college is working toward closure prior to the start of the fall 2023 semester.
The college will complete the fall 2022 semester as scheduled and will be fully operational in the spring holding classes and events, including athletics and other normally scheduled activities.
During the spring 2023 semester the college will also assist students with their plans for transferring for fall 2023.
“We’re deeply disappointed that it has come to this,” said Ken Gardiner, chair of the Cazenovia College Board of Trustees. “Considerable time and effort have been spent on improving the college’s financial position over the past several years. Unfortunately, the headwinds and market conditions were insurmountable, leading to a projected deficit of several million dollars for next year. As a result, the college won’t have the funds necessary to be open and continue operations for fall 2023 and beyond. Our plan is to be open for the spring 2023 semester during which faculty and staff will work with students to help them transfer to another college for the fall.”
The business realities that led to this extremely difficult decision were accelerated by the global pandemic and skyrocketing inflation. The population of college-aged individuals has been and continues to shrink making it hard for small private colleges like Cazenovia to maintain enrollment levels.
Since its peak with nearly 1,000 students on campus, Cazenovia’s enrollment has dropped by more than 40%.
Additionally, the coronavirus pandemic dramatically impacted recruitment and fundraising efforts while increasing economic burdens for the college.
Large investments were made in technology and campus safety measures while enrollment dropped with students choosing to postpone college or take a leave of absence, which negatively impacted the college’s financial situation.
Lastly, the recent uncertainty in the bond and stock markets made it exceedingly difficult to refinance the bond debt which came due in September.
“Being a small college without a large endowment has made the college’s challenges formidable. We have worked tirelessly to strengthen the financial position of the college through fundraising campaigns, adding graduate offerings, streamlining transfer pathways, and exploring alternative options,” said David Bergh, president of Cazenovia College. “Unfortunately, these efforts did not create results to ensure long-term viability for the college.”
Just shy of its 200th anniversary, Cazenovia College was established in 1824 as the Genesee Seminary.
In 1839, the seminary also developed a curriculum which was focused on the education of women. In 1942, the church sponsorship of the seminary was withdrawn and it was reorganized to include a junior college program as well as the preparatory school with the name, Cazenovia Junior College. It then became Cazenovia College for Women in 1961.
In 1982, it returned to being co-educational and adopted the name Cazenovia College although it was not recognized as a bachelor’s degree granting institution until 1988. In 2019 it began its first graduate program, a Master of Science in Clinical Mental Health Counseling.
“We really are a family on this campus,” Bergh said. “It is an extremely difficult time for all of us, but we remain committed to students, faculty, staff and alumni.”
To date, the college has entered into agreements with the following higher education institutions that will provide pathways for students to continue their studies beginning with the fall 2023 semester and will be assisting students with their transition.
Other institutions will be added as agreements are finalized.
Daemen University, Elmira College, Excelsior University, Hilbert College, Keuka College, LeMoyne College, State University of New York College at Oneonta, Utica University and Wells College.
Cazenovia College is an independent, co-educational college near Syracuse, offering graduate and bachelor’s degree programs in the liberal arts and professional studies plus a master’s degree in Clinical Mental Health Counseling. For more information, visit www.cazenovia.edu